The recent solds had looked promising, with 251 detached homes closed last month, which was a 24% increase over the 202 that closed in June, 2009.
But the new pendings are sluggish. Here are the number of detached listings marked pending only – contingents not included – during each 7-day period (2009 have all closed):
The last two weeks’ worth of new pendings haven’t hit their 17-day contingency deadline, there will be even fewer that actually close. In July, 2009 there were 237 detached sales, and so far this month there have been 98 closings – we might not get up to last year’s count. If we’re only having 30-40 real pendings per week, the drastically-lower YOY sales in the coming months will look like a missed opportunity to sellers, but will they lower their price, or cancel?
There are buyers. Over the weekend I wrote offers with two different buyers that both got caught in multiple-offer situations, both on one-story homes. One is still in competition with two others at what appears to be a little under list price (I think), but we lost on the other, even though we wrote a full-price, 30% down-payment offer with pre-approval and proof of funds submitted.It reminds me of the old saying: “Look to buy when everyone else isn’t”.